Why Gucci is a GGood investment

Italy made Gucci – but London provided the spark. The inspiration, that is, for a young Italian luggage porter at the Savoy hotel, taken by the lifestyle of its elegant clientele, to return home and launch his luxury-leather-goods company in 1921. 

A century on, the house that Guccio built is packing those trunks to revisit The Strand (just up the road at 180), bringing treasures from its Florence archives for an exhibition celebrating the journey so far – just as new creative director Sabato De Sarno takes the reins.  

Curated by fashion academic Maria Luisa Frisa and artist and spatial designer Es Devlin, Gucci Cosmos weaves colourful threads between hat boxes and handbags, silk shirts and artisanal objets. Important exhibits include early horsebit hardware and the very first ready-to-wear collection, from the 1960s, in the now-iconic GG canvas. “There are very few surviving pieces from this first collection,” says Frisa. 

For collectors, “top of the line ’60s and ’70s pieces are only going to get more valuable”, says Marissa Speer, head of Bonhams’ new US luxury fashion and handbags division, whose personal Gucci favourites include the early suede coats with hand-painted enamel buttons (Re-See has a ’70s Dionysus trench, €2,911). 

Frisa also points to the period’s Flora-motif scarves, which stem from a design for Princess Grace of Monaco. “Flora holds great significance in Gucci’s history,” she says. “The craftsmanship, the richness of colours and intricacy of Vittorio Accornero’s floral and insect designs makes them highly sought after, and they’re incredibly difficult to find.” In June, a floral-and-insect skirt suit from c1973 sold at Bonhams, London, for £832 – in polyester. Even pre-worn, unboxed, Accornero-signed silk scarves (including the less famous, non-Flora designs) command up to £1,000 at Vestiaire and 1stdibs.

The latter site has seen searches for Gucci jump by 68 per cent and orders by 33 per cent, year on year – largely vintage dresses and shoulder bags. Christie’s also reports a strong market for “the rare or unusual, iconic motifs, and ’60s and ’70s handbags”. Storytelling has built momentum since Ridley Scott’s House of Gucci put its vintage glamour on the big screen.

Late 1960s metal necklace with enamel web

1966 Flora-print silk scarf

1960s bamboo-handle bag, on sale at Bonhams in November, estimate $1,000-$1,200

SS04 horsebit convertible clutch, €1,250, printemps.com

“Heritage is our anchor when we don’t know where the world is going,” says Marie Blanchet, founder of Paris-based Mon Vintage, who tracks down ultra-high-end, rare runway pieces for global superstars, advises The Row, and curates the vintage suites at Printemps. “The codes and DNA of Gucci are very strong, and that film showcased raincoats, overcoats, travel bags, weekend bags that never feel old.”

There’s also the matter of Tom Ford retiring just as Gen Z is discovering ’90s and Y2K fashion. Demand for pieces from his tenure – primarily the breakthrough AW95 collection; SS96; AW96; and his swansong, AW04 – is very high. “Along with Galliano, it’s the most sought-after clothing in vintage fashion,” says Blanchet, an alumna of Vestiaire Collective. “That era was so sexy, empowering, elegant. A defining moment for the house; game-changing for fashion.” 

It’s the most sought-after clothing in vintage fashion

One of the ’70s-inspired red velvet suits from AW96 – as worn by Gwyneth Paltrow – recently fetched more than £10,000 on 1stdibs. The faux furs and leather separates do well, but those slinky, draped jersey dresses with cut-out accents, reprised in Ford’s finale and seen on Bella Hadid at Cannes last year, are collector catnip. “Museums and cool girls desire them,” fashion auctioneer Kerry Taylor confirms. 

However, “it’s extremely rare to find these pieces unworn, and sometimes they’re altered, which impacts the value”, says Clare Richardson, founder of Reluxe, who recently sold a preloved 2004 black dragon-clip dress for £2,000 (the white goes for £7,000 or more). When the more iconic gowns from 2004 come to market – very rarely – they can surpass $20,000, Speer says. 

SS98 satin slingback pumps with crystal appliqué, by Tom Ford

FW95 patent-leather pumps with horsebit detail, by Tom Ford

1960s web and horsebit hardware leather belt

2017 Double G buckle and pearl leather belt

Recently, a rare, limited-edition SS04 crystal-studded version of the Horsebit Chain clutch – introduced by Ford in 2003 and relaunching this autumn – sold for $9,995 on 1stdibs, but generally the vintage prices are “amazingly reasonable”, Blanchet says. “All the house codes in one piece, combined with the magic of someone who sensed the moment, is the collector’s holy grail.” They start anywhere from €950 to €2,500.

According to Taylor, Gucci has been “consistently under-appreciated” compared with other luxury brands: even older icons, including the “Jackie” handbag (which its namesake owned in countless variations) as well as the Bamboo top handle, introduced in 1947, are relatively accessible (starting in the hundreds, not thousands). She also points to the classic ’60s version of the Bamboo bag, which is “high on my wants list”, she says. “It’s beautifully made and still affordable.”  

SS04 metal fringe bag with enamel hardware, by Tom Ford

Early 1990s leather and canvas tote

Perhaps not for long. For Speer, this twist-lock, top-handle style (including the ’90s tote variant, renamed “Diana” in 2021) is becoming more important in the context of quiet luxury. “During logomania, you couldn’t shift them,” she says. “Now, their clean lines and no-logo brand identifier make them very sought after.” Bonhams US has a double-lock ’60s version with the iconic web stripe coming up for sale in November (estimate $1,000-$1,200), while 1stdibs is asking nearly €10,000 for a rare SS95 take. 

Speer also tips classic GG Supreme canvas bags to hold their value, and a luggage revival. “The move towards a slower, more elegant existence – sitting at a vanity to do your make-up, train travel – is giving more meaning and value to functional items, and I think beautifully crafted, timeless qualities will win out.” 

Gucci Cosmos, 180 Studios, Strand, London, from 11 October